Countingup adds furlough calculator to Covid-19 help centre
9th Apr 2020
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Countingup, the number one banking and accounting app in the UK, has launched a free furlough calculator, accessible here, to help small businesses impacted by coronavirus (Covid-19).
This is in addition to a grant calculator which the company launched on 8th April 2020 to help self-employed sole traders determine grants under the SEISS (Self-Employment Income Support Scheme). In the first day, more than four thousand had used the calculator.
The new furlough calculator, available here, will help accountants and their employer clients calculate the grant available under the JRS (Job Retention Scheme). Employers looking to top up their employees salaries can also see the actual cost after subsidies. They can interact with the calculator to flex the top-up amount and re-assess cost.
Tim Fouracre, founder and CEO of Countingup said, “The government is planning to launch the Coronavirus Job Retention Scheme towards the end of April. In the meantime, accountants and their employer clients can use our calculator to predict how the scheme will help keep salary overheads down and employees morale up.”
The calculator also helps employees see what their take home pay would be if furloughed. How much it would cost their employer to top them up and the difference compared to normal.
Fouracre added, “This furlough calculator will help employees who have been, or are about to be, furloughed. They can see the impact of furlough on their net wage and plan accordingly. Employees on just the government subsidies are likely to feel the pinch on their cash flow, and this tool will help them adjust - or find a middle ground with their employer.”
The furlough calculator breaks down either annual, monthly or weekly salary. For employees, it shows details about income tax, national insurance contributions and net wage. For employers, it shows the cost of employer national insurance contributions, level of government subsidy and the total cost to the employer.
Fouracre added, “It’s our mission at Countingup to make it easier to run a small business. Right now, it’s really tough running a business and being an accountant who is supporting businesses. Some of the team took time out from our banking and accounting app to launch this calculator. We hope it helps both our customers, partner accountants and others whose businesses have been impacted by COVID-19.”